As compared to the second-half 2010 market-wide slowdown once the tax credit expired, seller activity remains below 2010 levels while buyer activity is rising up in line with historic norms.Twin Cities home sellers brought 1,478 properties to the market, or 8.7 percent fewer than the same week last year. Buyers signed 1,064 purchase agreements, or 59.8 percent more than last year. That’s the largest year-over-year increase in pending sales since the third week in November 2008, greater than any single week during the 2009 and 2010 tax credits. Pent up demand, anyone?The number of active listings has seen 22 straight weeks of year-over-year declines and seven weeks of month-to-month declines. It’s currently down 17.2 percent to 24,712. Inventory in 2011 peaked around 26,000 properties, down considerably from a 2007 peak of 36,700. Slowed listings, falling supply and relatively strong sales have finally begun to draw down absorption rates. Months supply of inventory enjoyed its first decline in a year – suggesting balance lies ahead. – Minneapolis AREA Association of REALTORS
I hope you enjoyed and found value in this blog. Be sure to stop back now and again to learn more. As always, when you and yours are ready to buy or sell. Or, would simply like to better understand the real "estate" of the economy, give me a call. I am here as a resource to you.
Kindest Regards,
RE/MAX Results of Wayzata
Stephenson & Albers Real Estate Team
(763) 229-9067 Mobile
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